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VOO vs SPY

Vanguard S&P 500 ETF vs SPDR S&P 500 ETF Trust

The short answer: VOO and SPY track the exact same S&P 500 index. The only meaningful differences are expense ratio, share price, and tradability.

Metric
VOO
SPY
Issuer
Vanguard
State Street
Benchmark
S&P 500 Index
S&P 500 Index
Inception
Sep 7, 2010
Jan 22, 1993
Expense Ratio(lower is better)
300 bps
945 bps
AUM(higher = more liquid)
$1.60T
$735.1B
Dividend Yield (TTM)
1.08%
1.03%
Dividend Frequency
Quarterly
Quarterly
Beta (vs S&P 500)(1 = market)
1.00
1.00
1-Year Return
26.66%
26.58%
3-Year Return (annualized)
22.51%
22.41%
5-Year Return (annualized)
13.53%
13.46%
10-Year Return (annualized)
15.33%
15.26%
Data as of May 9, 2026. Returns annualized; past performance is not indicative of future results.

Total Return

YTDVOO: 6.91% · SPY: 6.89%
1YVOO: 26.66% · SPY: 26.58%
3Y ann.VOO: 22.51% · SPY: 22.41%
5Y ann.VOO: 13.53% · SPY: 13.46%
10Y ann.VOO: 15.33% · SPY: 15.26%

Which should you pick?

Choose VOO

Pick VOO if you're a buy-and-hold investor. Its 0.03% expense ratio is one-third of SPY's, and over 30 years that gap compounds into thousands of dollars on a six-figure portfolio.

Choose SPY

Pick SPY if you're an active trader, sell options on the position, or care about absolute liquidity. SPY has the tightest bid-ask spreads and the deepest options market of any U.S. ETF.

Either is fine if…

If you're investing through a 401(k) or DCA-ing modestly, the difference is small enough that whichever your platform offers commission-free is fine.

Holdings & sectors

VOO – Top Holdings

  • AAPLApple Inc7.1%
  • MSFTMicrosoft Corp6.6%
  • NVDANVIDIA Corp6.2%
  • AMZNAmazon.com Inc3.8%
  • GOOGLAlphabet Inc Class A2.2%

SPY – Top Holdings

  • AAPLApple Inc7.1%
  • MSFTMicrosoft Corp6.6%
  • NVDANVIDIA Corp6.2%
  • AMZNAmazon.com Inc3.8%
  • GOOGLAlphabet Inc Class A2.2%

Sector Breakdown

Technology
VOO
30.0%
SPY
30.0%
Financials
VOO
13.0%
SPY
13.0%
Healthcare
VOO
11.0%
SPY
11.0%
Consumer Discretionary
VOO
10.0%
SPY
10.0%
Communication
VOO
9.0%
SPY
9.0%
Industrials
VOO
9.0%
SPY
9.0%
Consumer Staples
VOO
6.0%
SPY
6.0%
Energy
VOO
4.0%
SPY
4.0%
Utilities
VOO
2.5%
SPY
2.5%
Real Estate
VOO
2.3%
SPY
2.3%
Materials
VOO
2.2%
SPY
2.2%

At a glance

Expense ratio
VOO300 bps
SPY945 bps
AUM
VOO$1.60T
SPY$735.1B
Dividend yield
VOO1.08%
SPY1.03%
5Y return (ann.)
VOO13.53%
SPY13.46%

VOO vs SPY – FAQ

Do VOO and SPY hold the same stocks?
Yes. Both track the S&P 500 Index, so they hold the same 500 companies in the same proportions. Day-to-day return differences come almost entirely from expense ratio drag and minor sampling effects.
Why is VOO cheaper than SPY?
VOO is structured as an open-end fund with a 0.03% expense ratio, while SPY is a unit investment trust with a 0.0945% expense ratio. SPY also can't reinvest dividends internally, which slightly drags performance.
Is SPY better for options trading?
Yes. SPY has the most liquid options chain of any ETF in the world, with tight spreads and high open interest at every strike. VOO's options market is functional but much thinner.
Does the price per share matter?
Functionally no. Both ETFs give you the same percentage exposure per dollar invested. SPY's higher share price is just a quirk of fund structure, not a sign of better value.
Can I hold both VOO and SPY?
You can, but there's no diversification benefit because they hold identical stocks. Most investors pick one based on their use case (long-term hold vs active trading).

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